MIRA INFORM REPORT

 

 

 

Report No. :

300473

Report Date :

05.01.2015

 

IDENTIFICATION DETAILS

 

Name :

WORKWEAR LANKA (PVT) LIMITED

 

 

Registered Office :

# 78, Biyagama Export Processing Zone,  Walgama,  Malwana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.08.1995

 

 

Com. Reg. No.:

N (PVS) 15560

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

 

 

No. of Employee :

1200

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

 

 

 

 

GENERAL

 

- Basic information at a glance

 

a.

Name of Subject of Inquiry

:

WORKWEAR LANKA (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing  director

:

Abbas Mustafa Kassam

d.

Primary Line of Business

:

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

e.

Factory

:

 

# 78, Biyagama Export Processing Zone,

Walgama,

Malwana,

Sri Lanka.

 

Tel. No: (00 94 11) 546 5000

Fax No: (00 94 11) 246 5364

 

E mail: info@lankasafty.com

              workwear@lankasafety.com

 

f.

No. of Employees

:

Approximately 1200

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 15560

Date of Registration

:

17th August 1995

b.

Re-registration No

:

PV 3364

Date of Re-registration

:

17th  April 2008

c.

Registered Office

:

# 78, Biyagama Export Processing Zone, Walgama, Malwana,

d.

Board of Directors

As At

( Updated details of other directors not available due to relevant file not found at the ROC)

:

A. Mustafa Kassam

Managing Director

Sohail Ebrahim

Director

Bashir Ali

Director

f.

Issued Share Capital

:

Rs.     2,250,000.00    

Number of Shares

:

225,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

 

h.

 

Share Holders

As At

 

:

 Share Holders

No. of Shares

Infosys Limited (Cayman Island)

112,500

Wipro (Cayman) Limited (Cayman Island)

112,500

i

Auditors

:

Price Water Coopers Chartered Accounts.

j.

Company Secretaries

:

Accountancy and Secretarial Services Bureau Limited

k.

Bankers

:

HSBC, Commercial Bank of Sri Lanka PLC, Hatton National Bank PLC

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

Company Logo

 

 

History

 

The Subject Company WORKWEAR LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 17th August 1995 under registration number N (PVS) 15560 and then the company was re-registered on 17th April 2008 under registration number PV 3364

 

(Note: At present a re-organization process in the office of the Registrar of Companies with regard to the data base in underway and company files are removed daily in batches for that purpose. As such the relevant file of this subject too has been removed and it is not available for reference. Authorities do not inform us when the file will be made available to us for scrutiny but daily we keep on checking until it is found.)

 

Location

 

The Subject Company is located at the client # 78, Biyagama Export Processing Zone, Walgama, Malwana.

 

Operational Details.

 

General

  The subject company primary line of business is Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export.

 

They came to have gained ISO 9001: 2000, SA 8000 certification.

 

Products

 

Gloves, Handkerchiefs, Ties, Mow Ties and Cravats, Shawls, Carves, Mufflers, Mantillas

                                               

 

 

Export Country

 

North America, South America, South Asia, Middle East, Western Europe

 

No of Employees

 

Approximately 1200

 

Trade references

 

 The subject company did not provide any trade reference referrals

 

Credit Recommendations

 

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.29

UK Pound

1

Rs.98.39

Euro

1

Rs.76.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

ANK

 

 

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